The real estate market for Single Family Homes in Cumberland County experienced slight shifts in October.
The 12.2% surge in the average sales price of single-family homes from the previous year, reaching $538,500, is indicative of robust demand and price growth. Alongside this, a slight 1.3% increase in the number of homes sold compared to the same month the previous year.
Homes continued to sell swiftly, with a median time of just 7 days on the market, the same average days on the market as the same period the previous year.
The list-to-sale price ratio remained fairly the same, reaching 102.6%, reflecting a 0.5% increase from the previous year and a small decrease from the previous month.
Moreover, the 9.9% increase in the month's supply of inventory suggests that buyers have more housing options in the region, potentially contributing to a slower sales rate.
Cumberland County's Single Family real estate market in October demonstrated robust demand with a 12.2% increase in average sales price. With a slightly improved list-to-sale price ratio, the number of homes sold and time on the market remained stable. A notable 9.9% increase in inventory supply suggests more choices for buyers, potentially influencing a more measured sales rate. The market appears dynamic, offering opportunities for both buyers and sellers.
